Pricing Actuary

Pricing Actuary

Company: Munich Re Specialty - Global Markets

Location: Madrid, Spain

At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products, and industry leaders working in a supportive environment to achieve this.

At the heart of our success is a strong culture where people are encouraged to be present, bold, and curious, allowing them to achieve their individual goals.

Pricing Actuary, Property (Europe)

We are looking to employ a Pricing Actuary to be based in Madrid, Spain on a full-time basis. We offer hybrid working with 2-3 days per week in the office.

In addition to the day-to-day tasks, you will contribute to activities linked to the development and implementation of the strategy of Property primary insurance across Europe.

This role will work closely with the underwriting team supporting the Chief of Underwriting (Property), the Property Country Heads, as well as the London Finance and global Corporate Underwriting teams.

Responsibilities

• Support the development and enhancement of technical and commercial pricing capabilities for the Property products in Europe, with initial focus in Spain.
• Support the wider MRS-GM Actuarial Pricing team as required on other classes of business being developed in Spain, for example Renewables, Cyber, and Engineering.
• Assist underwriting teams with product design ensuring any changes are correctly priced.
• Track price adequacy and performance and lead profitability exercises using modelling and reserving techniques, as required.
• Conduct technical analyses, investigations (e.g. inflation), and independent deep dive reviews.
• Stay current on market dynamics and actuarial developments, including frequency, severity, and exposure accumulation trends, and determine how such trends should be accounted for in pricing.
• Work independently on individual pricing assessments of risks, including clear communication of results to the underwriters.
• Present results to a variety of stakeholders to provide insight and recommendations on pricing and performance-related results.
• Maintain and improve governance procedures to cater for internal and external requirements.
• Work collaboratively and delegate work as required.
• Engage proactively and collaborate with relevant stakeholders, with a focus on pricing and performance. Be able to explain and justify your point of view.
• Conduct actuarial analysis to support the onboarding of additional territories or new MGAs for Property business.
• Participate in Munich Re Specialty projects and initiatives to improve modelling capabilities and streamline pricing processes.
• Contribute to expanding the breadth of actuarial, modelling, and statistical techniques used across the team, engaging and collaborating across the wider Munich Re Specialty pricing and underwriting teams to bring innovation to pricing and underwriting.
• Stay up-to-date with market dynamics, industry trends, and emerging technologies that could impact the Property market with focus in the territories of Munich Re’s market presence.
• Ensure all advice offered is in line with actuarial standards and other appropriate guidelines, including Munich Re’s own guidelines and standards.
• Ensure compliance with regulatory requirements. Help drive forward good conduct for the business to deliver the best outcomes for the customers.

Knowledge and Skills

• Expertise in pricing Property insurance, ideally alongside pricing knowledge of a range of other general insurance classes.
• Experience in working independently and managing senior stakeholders.
• Proven experience with modelling and data.
• Good understanding of standard reserving methods.
• Strong analytical skills and attention to detail, with a proven ability to work collaboratively with underwriters.
• Good knowledge of Property insurance products and the European market, insurance processes, and regulatory requirements.
• Foundational knowledge and understanding of global macroeconomics and financial markets.
• Excellent written and verbal communication skills, including report writing, presentations, and ability to present complex analyses to senior management.
• Ability to build and sustain strong working relationships with a variety of internal and external stakeholders.
• Fluency in English is a must; other European languages are also an advantage.

Education and Professional Qualifications Required

• University Degree in a quantitative field such as Mathematics, Actuarial Science, or Statistics.
• Accredited actuary with one of the actuarial associations, or qualified by experience.

If you are excited about this role but your experience does not align perfectly with everything outlined, we encourage you to apply anyway. You might just be the candidate we are looking for!

Diversity, Equity & Inclusion

At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognize diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs.

Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process.

Benefits

• 25 days Annual Leave + bank holidays
• 10% Non-contributory Pension
• Eligibility for an Annual Bonus
• Private Medical + Dental Insurance
• Critical illness insurance + Life Assurance + Permanent Health Insurance
• Wellbeing and Development Scheme + EAP + Health Assessments (subject to scheme eligibility)
• Electric Vehicle Salary Sacrifice Scheme
• Study & continuing Professional Development Support
• Hybrid Working + IT Home Set-up Support